Wells Fargo loses Better Business Bureau accreditation

FILE - In this July 14, 2014, file photo, a man passes by a Wells Fargo bank office in Oakland, Calif. Regulators announced Thursday, Sept. 8, 2016, that Wells Fargo is being fined $185 million for illegally opening millions of unauthorized accounts for their customers in order to meet aggressive sales goals. (AP Photo/Ben Margot, File)

Ben Margot

Copyright Associated Press

BUFFALO, N.Y. (WKBW) - The Better Business Bureau - arguably one of the most trusted consumer watchdog and industry regulating organizations in the country - has dropped Wells Fargo's accreditation.

The private sector regulator has dropped the bank and mortgage company's rating to a C- following the account creation scandal. Investigators have accused Wells Fargo of creating extra accounts without customer permission to meet sales and growth quotas. Now prosecutors are working to determine whether these actions could be considered criminal impersonation or identity theft.

According to the BBB, Wells Fargo has a handful of other unrelated pending government complaints, including allegations of predatory lending practices and referral schemes.

Wells Fargo is possibly the largest business ever to lose its BBB accreditation.